The Password Management Market was valued at USD 1.05 billion in 2019 and is expected to reach USD 2.98 billion by 2025, at a CAGR of 19% over the forecast period 2020 - 2025. According to the cybersecurity ventures, the total number of passwords will grow to 300 billion by 2020 and organizations across the world face a massively increasing cybersecurity risk from hacked or compromised user and privileged accounts. To counter this, password management is predicted to be a prominent field.
- Government mandates of creating and management of passwords is driving the market growth. This is due to an increase in cybersecurity crisis. For instance, NIST, the standards organization of the United States issued a new set of Digital Authentication Guidelines in February 2018. One of the guidelines was related to use of SMS as an out-of-band channel for two-factor authentication. NCCIC/US-CERT also reminds users of the importance of creating and managing strong passwords at regular intervals.
- Latest report from Independent Security Evaluators (ISE) found fundamental flaws that expose user credentials in computer memory while locked. According to the researchers, this renders them “no more secure than saving passwords in a text file”. Once the master password is available to the attacker, they can decrypt the password manager database.
Scope of the Report
Password management is a software solution that supports to organize and store passwords. Password management has emerged as a major segment of identity management market. Human generated passwords are often algorithmically weak and prone to attacks. Password management is not only helpful for people but also for many it is helpful for different enterprises such as (Small-Sized Businesses, Medium-Sized Businesses, Large-Sized Businesses) as a tool for information and governance security also, used to audit, secure, manage, and monitor all activities connected with their privileged accounts.
Key Market Trends
Mobile Device Password Protection to Dominate the Market
- Mobile devices are undergoing an explosion when it comes to their growth. According to Pew Research Center survey roughly six-in-ten U.S. adults (58%) often get news on a mobile device, 19 percentage points higher than the 39% who often get news on a desktop or laptop computer.
- It is estimated that more than 5 billion people have mobile devices, and over half of these connections are smartphones.
- Smartphone ubiquity across the world enables consumer engagement in numerous use cases, like online purchases, watching online videos, browsing, voice calls or checking e mail.
- As per GSMA Report 2019, the global mobile ecosystem generated USD 1.1 trillion of economic value in 2018, with mobile operators accounting for 60%
Asia-Pacific to Witness the Highest Growth
- Asia Pacific has been the biggest contributor to global subscriber growth in recent years and still has room for growth.
- More than half the world’s mobile subscribers live in Asia-Pacific – mostly in China and India. This is due to the population explosion in both of these countries.
- This region houses the largest e-commerce market, which is being accessed on mobile phones.
- As per GSMA Report 2019, in 2017, mobile technologies and services generated 5.4% of GDP across Asia Pacific, a contribution that amounted to $1.5 trillion of economic value added.
- India will be the primary driver in APAC region with only around half the population currently subscribing to mobile services, there is considerable room for growth. As devices and data services become more affordable, digital literacy improves and more locally relevant content is made available, the demand for mobiles and hence password management become evident.
The market for password management is concentrated with players like Avatier, CA Technologies, Core Security Technologies dominating the market. This is because password is a security tool and users are skeptical regarding experimenting with new/unknown password managers.
- April 2019 - Avatier released "Avatier Apollo". It is the world's first artificial intelligence virtual customer assistant (VCA) for Customer Identity and Access Management (CIAM) and Identity Governance and Administration (IGA) platforms.
- February 2019 - HelpSystems acquired the Core Security assets from SecureAuth. The assets acquired from SecureAuth are solutions for identity governance and administration, penetration testing, threat detection, and vulnerability management.
- December 2018 - PasswordSafe version 3.48.0 for Windows was released. A major change included configuring default expiration interval via Options->Password History, instead of being hardcoded to 90 days.
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